From Child Care to Taxes: What Trudeau’s Projected Victory Really Means for Your Wallet – National
Liberal Leader Justin Trudeau’s projected victory in the 2021 Canadian federal election gives him another chance to deliver on the promise of a $ 10-a-day child care system and try to get the country’s housing problems under control.
Trudeau is now expected to continue as Prime Minister of Canada, albeit at the head of a minority government and with an electoral result very close to that of the 2019 federal vote.
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As low child care fees have become a tantalizing promise for many cash-strapped parents, Trudeau has had to fend off attacks from the Conservatives and especially the NDP during the election campaign for a housing affordability crisis that worsened under his watch.
Both issues are top priorities for young voters, who have become the largest segment of the electorate in Canada, Tim Powers, president of Summa Strategies and chief executive officer of Abacus Data, told Global News before the day of the ballot.
But meeting expectations will not be easy, he adds. Building a universal child care system from scratch and tackling the housing crisis at the same time will be a challenge, he says.
“Can a government walk and chew gum at the same time?” Governments usually stumble upon themselves when trying to do two things at the same time, ”he says.
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The Liberals also promised changes to employment insurance, student loans, seniors’ benefits and income tax.
Here are some of the main promises and a look at how difficult it is to keep them.
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While two of Canada’s most populous provinces still hold on to an agreement with Ottawa, a subsidized universal child care system from coast to coast is far from guaranteed.
So far, Saskatchewan, Manitoba, Quebec, British Columbia, Nova Scotia, Yukon, Prince Edward Island and Newfoundland and Labrador have registered. But Alberta and Ontario have yet to sign an agreement.
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There is also the issue of child care spaces. The Liberals have pledged to add 250,000. But some experts warn the plan is not guaranteed to significantly improve the problem of availability of child care.
And without a massive increase in child care resources, a reduction in fees would likely lead to increased waiting lists for families, David Macdonald, senior economist at the Canadian Center for Policy Alternatives (CCPA) previously told Global News. .
Highlights of the Liberals’ plan to improve affordability include building or repairing 1.4 million homes in four years; a home return tax; a tax-free savings account to help first-time buyers save for a down payment; and a ban on blind auctions, in which buyers bid without knowing how many others are bidding.
Just like the Conservatives did, the Liberals promised a two-year ban on foreign homebuyers. And they reiterated their 2019 pledge to create a real estate beneficial ownership registry.
In particular, the party has not put forward a proposal for a general tax on capital gains from the sale of main residences.
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The Liberal’s proposed EI overhaul includes unemployment benefits for self-employed Canadians, who would only have to contribute what they would have to pay if they were salaried employees.
The party also pledged to do more to make sure group work counts for Employment Insurance and Canada Pension Plan (CPP) benefits.
Trudeau has promised to permanently remove the federal portion of interest on Canada student loans and Canada apprentice loans and allow new parents to withhold student loan repayments until their youngest child is five years old.
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The Liberals have said they will increase the Guaranteed Income Supplement (GIS) for low-income seniors by $ 500 for single seniors and $ 750 for couples.
They also said they would work with the provinces and territories to increase CPP and Quebec Pension Plan survivor benefits by 25 per cent.
On new personal taxes, the Liberals say they want to establish a “minimum tax rule” that would ensure that Canadians with incomes high enough to be in the top tax bracket pay a tax rate. at least 15% per year. .
They were also moving forward with plans announced in the budget to impose new taxes on luxury cars, boats and airplanes, as well as vaping products and tobacco.
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